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The market keeps falling today as well, according to CoinStats.
SHIB/USD
The rate of SHIB has declined by 3% over the last day.
On the hourly chart, the price of SHIB has made a false breakout of the local resistance of $0.00000882. However, if the daily bar closes near that mark, traders may expect a test of the $0.000009 area soon.
On the longer time frame, the situation remains bearish, as the rate of SHIB has not bounced off far from the support of $0.00000832.
If the breakout of the mentioned level happens, the accumulated energy might be enough for a more profound decline to the $0.0000080 area.
From the midterm point of view, the picture is similar. If bulls cannot seize the initiative and the weekly bar closes near $0.00000832 or below it, there is a high chance to see an ongoing decline to the $0.0000070-$0.0000080 zone by the end of the month.
SHIB is trading at $0.00000879 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team